Laserfiche WebLink
0 <br />ii. Housing Unit Classification <br />All housing units resulting from the IRCLHAProgram <br />Land Bank Acquisition Strategy shall be owner - <br />occupied single-family residences. Mobile homes <br />are not eligible. <br />iii. Applicant Classification <br />(a) Land bank -acquisitions may be awarded to the <br />following <br />1. Non-profit Organizations <br />(b) Land bank acquisitions shall result in eligible <br />housing for the following eligible persons: <br />1. Very Low -Income Persons <br />2. Low -Income Persons <br />c. Basic Award Terms <br />i. Maximum Monetary Award <br />The maximum monetary award for a land bank <br />acquisition expenditure shall not exceed $15,000.00 <br />per each buildable lot. The tax deed purchase <br />strategy may be utilized only as a strategy of <br />"last resort". <br />ii. Repayment Terms/Timeframe <br />Land bank acquisitions whereby ownership of the <br />subject property is transferred to an eligible <br />sponsor or person shall be classified as deferred <br />payment loans. Repayment of the entire loan amount <br />(the value of the property) occurs at the time the <br />parcel or lot and its corresponding eligible <br />housing unit is sold or if the assisted unit is <br />occupied by someone other than the original <br />recipient. <br />Eligible persons may pay back the entire amount of <br />the loan at any time. <br />Recaptured funds will be deposited in the county's <br />affordable housing trust fund. <br />iii. Interest Rate <br />There will be a no interest rate for land bank <br />loans. <br />iv. Affordable Classification Timeframe <br />Housing units whose owners receive funds from the <br />IRCLHAProgram Land Bank Acquisition Strategy <br />47 <br />